Reddit (NYSE:RDDT) PT Raised to $68.00

Reddit (NYSE:RDDT) had its price objective increased by research analysts at The Goldman Sachs Group from $60.00 to $68.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price suggests a potential downside of 9.56% from the stock’s current price.

A number of other equities analysts also recently issued reports on the company. Morgan Stanley raised their price objective on Reddit from $63.00 to $70.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 23rd. Cannonball Research started coverage on Reddit in a report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 target price for the company. B. Riley started coverage on Reddit in a report on Friday, September 20th. They issued a “buy” rating and a $75.00 target price for the company. Raymond James lifted their target price on Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a report on Thursday, October 10th. Finally, Roth Mkm decreased their price objective on Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.28.

Reddit Stock Up 0.4 %

NYSE:RDDT opened at $75.19 on Monday. The stock’s 50-day simple moving average is $61.64 and its 200 day simple moving average is $58.48. Reddit has a twelve month low of $37.35 and a twelve month high of $78.08.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. During the same period in the previous year, the business posted ($0.70) earnings per share. The business’s revenue for the quarter was up 53.6% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit will post -4.11 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total value of $2,473,119.93. Following the sale, the insider now directly owns 194,473 shares in the company, valued at $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 45,807 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.99, for a total value of $2,473,119.93. Following the sale, the insider now owns 194,473 shares in the company, valued at approximately $10,499,597.27. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 337,993 shares of company stock valued at $19,517,419.

Institutional Trading of Reddit

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. VY Capital Management Co. Ltd. bought a new stake in shares of Reddit during the 3rd quarter valued at $474,403,000. Inclusive Capital Partners L.P. bought a new stake in shares of Reddit during the 1st quarter valued at $103,051,000. Vanguard Group Inc. bought a new stake in shares of Reddit during the 1st quarter valued at $82,167,000. Bank of New York Mellon Corp increased its stake in Reddit by 10.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,663,603 shares of the company’s stock worth $106,288,000 after acquiring an additional 153,282 shares during the last quarter. Finally, Marshall Wace LLP increased its stake in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after acquiring an additional 457,588 shares during the last quarter.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.